September 9, 2014, Introduced by Rep. Price and referred to the Committee on Local Government.
A bill to amend 1952 PA 175, entitled
"An act to authorize incorporated cities and villages to borrow
money and issue bonds in anticipation of future payments from the
motor vehicle highway fund, for any purpose or purposes for which
said funds may be used and for the purpose of refunding such bonds;
authorizing the pledging of the faith and credit of the issuing
city or village, upon proper resolution of its governing body, as
additional security for the payment of said bonds; and to prescribe
procedures and conditions relative to the issuance of such bonds,"
by amending section 2 (MCL 247.702).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
2. When the governing body of any an incorporated city or
village
shall determine to borrow borrows
money under the
provisions
of this act, they it shall
do so by resolution approved
by
a 2/3 majority of the members-elect. of said governing body so
declare,
which Until January 1, 2015,
the resolution shall be
published once in a daily or weekly newspaper of general
circulation
in said the incorporated city or village before the
same
resolution becomes effective. , and such Beginning January 1,
2015, notice of the resolution shall be given using tier C public
notice as provided in the local government public notice act. The
resolution shall briefly describe the contemplated project or
projects,
the estimated cost thereof, of
the project or projects,
and the amount, maximum rate of interest, and maturity dates of the
bonds
to be issued and the form thereof, and such of the bonds. The
resolution shall also contain an irrevocable appropriation
providing
for the payment of the principal
and interest thereof on
the
bonds from the moneys to be derived money received from state
collected
taxes returned to such the
city or village for highway
purposes
pursuant to law, which have if
that money has not
previously
been theretofore specially
allocated and pledged for the
payment of indebtedness.
Enacting section 1. This amendatory act does not take effect
unless House Bill No. 5560 of the 97th Legislature is enacted into
law.